FOREX PRO Weekly July 02-06, 2012


minimax, the last consolidation pattern on your chart, the corrective one- could it be considered as greater in time and or price than any previous correction? if so, would that make the plunge down a wave one of a new minimum 5 wave down?


2nd Lieutenant

I count Elliott waves so my abc/ABCs are corrective waves; I do not wright ABCDs although I measure them all the time




With blue labels is signed last (I believe so) leg of correction which is E of triangle on Daily and at the same time top of 4th wave; C is top of 4th wave on Weekly; I estimate that we will hit just the first target of 5th wave marked with black label what will at the same time be end of 5th wave marked with red label, this is 100% expansion but should not go below 262%; the move must be motive wave (classical impulse or ending diagonal, seen on lower time frames); this will also be end of IIIth wave which is extended with red marked waves, which is also extended with black marked waves; at this level Alternate bat pattern is possible so retrace is also possible; how strong retrace can be have no clue but do not expect very big; red doted line is at former support, so far not yet resistance so I find it attractive; 5th wave can end with Crab at 1,2220/20; we get new low - 5th waves on Daily and Weekly and here I expect strong reversal; of course we can go deeper and that will last leg - wave tells us; I just do not believe we will drop like a stone and I really think we will see 1,4000 before we see 1,2000.

Hope you will be satisfied if not - here I am.